Tally for GST

Electronic Commerce or e-commerce has transformed the way business is done in India. Currently, the e-commerce industry in India is faced with the levy of multiple taxes. Every state has imposed its own set of rules and taxes on the e-commerce industry. The lack of…

In light of the recent shock of demonetisation, the Indian government’s push to move India into a more digital, a more compliant, and subsequently a more vibrant economy was clear from the budget. With MSMEs being hit the hardest with demonetisation – the budget announced…

Schedule-II of the model GST law provides clarity on determining the type of supply as supply of goods or supply of services. This aims at eliminating the dilemma that exists in the current indirect tax system, for example, Service Tax Vs. VAT on works contract,…

In our earlier blog GST Impact on Supply without Consideration and Importation of Services, we discussed about supply without consideration and the import of service. This blog discusses, in detail, supplies without consideration between: • Related person • Distinct person Are you GST ready yet?…

In the current indirect tax regime, there are accounting and tax professionals who are authorized to file returns on behalf of taxable persons. Currently, this role is performed by Chartered Accountants (CAs), Sales Tax Practitioners (STPs) and advocates. The Draft Model GST Law seeks to…

If you look at the market today, you will notice very often, two or more goods, or a combination of goods and services, are supplied together. This could be due to either of the following reasons: A sales strategy – to attract more customers The…

In our earlier blog Supply of Goods and Services: What does it Mean we discussed about supply with consideration which is mostly about business operational activities like sales, transfers, and so on. In this blog post, we will discuss exceptional scenarios, which form a part of…

In our previous blog we learned about the conditions for availing GST input tax credit and the scenarios in which input tax credit (ITC) can be availed. In this blog, we will discuss the scenarios where you cannot avail Input Tax Credit. Are you GST…

Our Finance Minister, Mr. Arun Jaitley, in his Budget Speech, did not elaborately discuss the road map of GST. However, he did indicate that the passage of the Constitutional amendment bill for GST and progress of its implementation is a “Tectonic Policy Initiative”. Are you…

Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT On sale of goods Service Tax…

In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below: Type of Input Tax Credit Conditions for availing Input Tax Credit (ITC) VAT As a VAT dealer, you can avail credit of the VAT paid…

Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Are you GST ready yet? Get ready for GST with Tally.ERP 9 Release 6 Get…